Introduction 1-2 first sentences: Start by providing a brief introduction to the specific school of thought you are discussing. Mention its name, key proponents, and any relevant historical context.
Write a 350-word personal reflection focusing on one key concept or idea from their assigned school of economic thought.
The journal will be assessed on depth of reflection, use of evidence, analytical insight, and writing style.
Suggested Structure:
Introduction (Suggested 50 words)
World View (Suggested 80 words)
Assumptions (Suggested 80 words)
Examples of Applications (Suggested 80 words)
Reflective (Suggested 80 words)
Classical Economics
An 18th-19th century school founded by Adam Smith focused on how markets and capitalism operate through concepts like the invisible hand, emphasizing free markets and minimal government intervention.
Neoclassical Economics
A 19th-20th century school based on marginal utility theory, rational choice theory and equilibrium analysis which formalized economics as a deductive mathematical science grounded in optimization.
Marxian Economics
A radical critique of capitalism pioneered by Karl Marx, analyzing class conflict, labor exploitation, historical materialism, crisis tendencies in capitalism, and advocating revolutionary socialism.
Austrian Economics
The estimated parameter values from a regression model quantify the effect of each independent variable on the dependent variable.
Introduction
1-2 first sentences: Start by providing a brief introduction to the specific school of thought you are discussing.
Mention its name, key proponents, and any relevant historical context.
World View
3-4 next sentences: Discuss the worldview of the school of thought.
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